Battle of Mortgage Campaigns Finals: Scotiabank vs TD Bank

Alyssa Furtado
by Alyssa Furtado October 26, 2011 / No Comments

Who will emerge as the Ratehub.ca Best Mortgage Campaign Tournament winner? Our last Bank Battle Series which focused on mortgage calculators saw ING Direct take the crown, but this time around they were eliminated in the semi-finals by a very game TD Bank. TD also defeated BMO Bank of Montreal in the first round to help get themselves to our Finals. As for our other finalist Scotiabank, they defeated PC Financial and RBC to get to the ultimate showdown for mortgage campaign supremacy. A lot is at stake (in our little webspace) and we think this will be fiercest battle yet. What’s on the line? Only the one trillion dollar industry that represents outstanding residential mortgage credit in Canada. With 5.7 million home owners in Canada and many more on the way, it’s important for financial lending institutions to make their mark and be heard. This competition has been measuring which bank mortgage marketing campaign has been the most effective. It’s the final showdown; let’s take a look at the final competitors.

CONTENDERS

In the red corner:  Wearing red, by way of Halifax, Nova Scotia, is Scotiabank

In the blue corner: Wearing green with white trim, fighting out of Toronto, Ontario, is TD Bank.

VIDEO CAMPAIGNS:

TD’s Marketing Campaign:

The Right Mortgage

Closing Costs

New addition: TD Bank South Asian TV Spot

 

Scotianbank’s Marketing Campaign:

“Flip the coin mortgage plan”

 

“Diversify your mortgage”

 

“How Will Changes to Canada’s Mortgage Rules Impact You”

 

New Addition: “Borrow to get Ahead”

THOUGHTS:

We’ve already broken down their videos in previous posts, so this will be an overview of what these two banks have accomplished with their selected mortgage videos.

TD Bank

Scotiabank

Topic and Theme(s)

Mortgage education

Mortgage advice

Mortgage education

Mortgage options

Debt Flexibility

Target Market(s)

First-time homebuyers

Young couples

South Asian market

First-time homebuyers

Consumers with existing mortgages and debt

Message(s)

“Banking can be this comfortable”

“Scotia can help you borrow to save”

Effectiveness

B+

B

Presentation

B+

A-

Scotiabank produced a variety of commercials with different tones to effectively target a wider range of themes. We like this strategy because potential mortgage customers are driven by different factors. Scotiabank brought humour, seriousness, fun art, and education.

TD Bank diversified their commercials to target specific markets. This was another great strategy, especially with the dedicated South Asian TV spot that aired only on Canadian South Asian channels.

We commend both banks because regardless of the commercial theme used, both banks were able to keep their core messages alive in each ad.

CURRENT MORTGAGE RATES:

Let’s take a look at how their 5-year fixed rates and 5-year variable rates measure up against each other.

Mortgage type

TD Mortgage Rates

Scotiabank Mortgage Rates

5-year variable

3.00%

2.90%

5-year fixed

4.09%

5.29%

Rates as of October 26, 2011

Conclusion:

This has been an incredible tournament thus far. We enjoyed watching each bank commercial, some more than others mind you, and after breaking down each participant’s selections we’ve finally arrived at the end. We thought one bank was just a little better than the other. This bank did a good job of utilizing mortgage topic variety to attract a larger pool of mortgage consumers plus their execution was great.

OUR TOURNAMENT CHAMPION, winner of the Ratehub.ca Best Mortgage Campaign is…

Congratulations to Scotiabank, stay tuned for the next instalment of our Bank Battle Series.

THE TOURNAMENT RECAP

Mortgage Rates Canada